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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) |
1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Performance Rights (restricted stock grant) | (1) | 03/17/2008 | A | 50,000 | (1) | (1) | Common Stock | 50,000 | $ 0 | 50,000 | D | ||||
Employee Incentive Stock Option (right to buy) | $ 0.28 | 03/17/2008 | A | 50,000 | (2) | 03/17/2018 | Common Stock | 50,000 | $ 0 | 50,000 | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Walker Jason 15240 NORTH CLUBGATE DR., #165 SCOTTSDALE, AZ 85254 |
Vice President of Sales |
/s/ James L. Dunn, Jr., as attorney-in-fact for Jason Walker | 03/19/2008 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | Awarded pursuant to a Restricted Stock Award Agreement dated 3/17/08 under the terms of the Company's Stock Compensation Plan, as amended (the "Plan"). The Shares to vest as follows: 1/3 vested when the average closing sales price for iLinc's common stock over 10 consecutive trading days ("10-Day Average") equals or exceeds $1.00 or a Sales Transaction occurs in which the imputed price per share of iLinc's common stock (as determined by the Board of Directors, the "Imputed Price") equals or exceeds $1.00 per share; 1/3 vested when the 10-Day Average equals or exceeds $1.25 or a Sales Transaction occurs in which the Imputed Price equals or exceeds $1.25 per share; and the remaining 1/3 vested when the 10-Day Average equals or exceeds $1.50 or a Sales Transaction occurs in which the Imputed Price equals or exceeds $1.50 per share. No termination date is set under the Restricted Stock Award Agreement. |
(2) | Awarded pursuant to the Company's Stock Compensation Plan, as amended. On the date that is six months from the Date of Grant, 1/4 of the options granted shall be vested; and thereafter beginning on October 1, 2008 one thirty-sixth (1/36) of the remaining portion shall vest on the first day of each month, from month to month, until fully vested. |